A local business group said it brokered a deal to keep the iconic downtown department store at its current site on Main Street, a week after Neiman Marcus' parent company announced that it would close the store after a dispute with a landlord.

Saks Global says for now it will move forward with closing the flagship Neiman Marcus store, despite a lease dispute being resolved by city leaders.

Saks Global's challenges grow as it moves to cut costs and hold payments to vendors. Even more challenging, Saks trails in foot traffic to luxury department stores.